india is still about 6. and there are four or five countries that are well over five but they would have been, if we hadn't had all these problems they probably would have been much higher. >> uh-huh. >> but it's not like going to minus or at least even going to low single digits. >> it is the deacceleration that longer-term investors will point to as a worrisome trend. do you agree with that? >> of course. we have to watch it very, very carefully but at the end of the day if you look at the average for emerging markets, the average growth rate is 5%. >> uh-huh. >> so that's five times more than what the developments are doing. so when people ask me do you think we'll have a hard or soft landing in china they are-- 5, 6, 7% growth is very, very fast growth. >> are these economies developing themselves? so in other words, are they becoming less and less dependent on trade with the big economies like the united states and europe and more internally developed. >> that is really interesting because if you look a